Inflation in Oman reaches 0.91%

Muscat: The annual inflation rate in the Sultanate of Oman reached 0.91 percent at the end of May 2023, according to the monthly consumer price survey data issued by the National Centre for Statistics and Information (NCSI).

The inflation rate was driven by the increase in most of the main groups that make up the consumer price index (CPI), led by restaurants and hotels by 3.69 percent, and furniture, fixtures, household equipment and routine household maintenance by 3.14 percent.

The prices of the food and non-alcoholic beverages group increased by 2.73 percent, which was due to the increase in the prices of all components of the group, led by milk, cheese and eggs by 9.55 percent, oils and fats by 5.78 percent, fish and seafood by 4.62 percent, non-alcoholic beverages by 4.39 percent, and other food materials by 3.75 percent, sugar, jam, honey and sweets by 3.72 percent, bread and cereals by 3.09 percent, meat by 2.47 percent, fruits by 1.17 percent, while the prices of vegetables decreased by 7 percent.

The prices of the various goods and services groups increased by 2.17 percent, tobacco by 1.76 percent, culture and entertainment by 1.43 percent, health by 1.28 percent, clothing and shoes by 0.76 percent, education by 0.05 percent, and housing, water, electricity, gas and other fuels by 0.02 percent. Transport group prices decreased by 1.32 percent, and communications by 0.17 percent.

The inflation rate decreased by 0.25 percent compared to April 2023, as a result of a decrease in the housing, water, electricity, gas, and other fuels group by 1.31 percent, which represents 26.5 percent of the expenditure rate as a result of a 15 percent reduction in the electricity tariff, which constitutes 2.2 percent of the group. The groups of fish, seafood, and fresh fruits (seasonal) decreased by 4.88 percent, 1.51 percent, and each of them represented 2.208 percent and 2.815 percent of the spending percentage, respectively.

Al Buraimi Governorate recorded the highest inflation rate among the governorates at 1.63 percent, compared to the lowest inflation rate in the North and South Al Sharqiyah Governorates at 0.34 percent. percent, and North Al Batinah at 0.67 percent.